Annual gross domestic product (GDP) growth rates slowed in 2023 as the effects of the high inflation rates hit the global economy, even being negative in Germany. In Eastern Europe, the GDP grew by less than *** percent. What is GDP? GDP is an important indicator to measure the economic strength of a country. It is the sum of all the consumption, investment, government expenditures, and net exports in a country. For this reason, consumer confidence can give an idea of future GDP growth. Similarly, stock exchanges such as the S&P 500 index can give an idea of the investment trends in an economy. Government spending tends to be more constant, and net exports are generally a smaller component of overall GDP. In fact, a negative trade balance can fuel an economy by boosting domestic consumption and investment. Not included in GDP GDP does not account for some factors. For example, existing infrastructure is not a part of the GDP calculation, though a thriving economy would be impossible without it. Nevertheless, GDP is the most widespread measure of economic performance because of its simplicity and wide scope.

According to European Commission forecasts, ****** will achieve the highest GDP growth in 2025 (+*** percent), followed by Croatia and Lithuania.

View yearly updates and historical trends for Eastern Europe GDP Per Capita Outlook. Source: International Monetary Fund. Track economic data with YChart…

In 1950, at the end of the recovery period that followed the Second World War, GDP per capita across the Eastern Bloc varied greatly by country. Czechoslovakia, the most industrialized country in the Bloc after East Germany, had a GDP per capita that was 69 percent of the rate across Western European** countries. In contrast, Romania's GDP per capita was less than a quarter of the Western European average in 1950. 1950-1989 Generally speaking, Eastern European economies grew faster and made gains on those of the west (not including Mediterranean region) in the 1950s and 1960s, however, a series of recessions and increasing debts meant that this gap widened in the 1970s and 1980s. By 1989, as communism in Europe came to an end, the difference between overall GDP per capita in the Eastern and Western Blocs returned to a similar rate as in 1950, although it varied by country. The Soviet Union, Czechoslovakia, and Poland, three of the larger economies of those given, had a lower share of western GDP per capita in 1989 than in 1950, while the smaller economies of the Balkans saw an increase. 1989-2000 Between 1989 and 2000, the European Union's GDP per capita grew faster than in the former Eastern Bloc countries. However, the end of communism did negatively impact EU economies in the early 1990s. Poland was the only Eastern Bloc country to make gains on the west in these years, although this was more to do with its poor economy in the 1980s. The former-Soviet states, in particular, saw GDP per capita drop below one-quarter of the European Union's rate over this decade, as post-Soviet economic recovery did not realistically begin until the late 1990s.

This dataset provides values for GDP ANNUAL GROWTH RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

With a Gross Domestic Product of over 4.3 trillion Euros, the German economy was by far the largest in Europe in 2024. The similarly sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 7.4 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.95 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

Abstract: This empirical study analyses the potential determinants of GDP growth in selected European countries. The study is conducted on the data for 19 countries from Central, Eastern and South-Eastern Europe within 2014 to 2020 time - framework. The influence of possible drivers of economic growth are investigated by employing dynamic panel data modeling, specifically System GMM method. The insights made by the study reveal that fiscal responsibility, initial development, inflation rate, EU membership are the main GDP growth drivers. In addition, we control for the institutional determinants of economic growth, as well as the role of R&D. These results provide further support for the hypothesis that macroeconomic policies conducted in a responsible and sustainable way can significantly improve countries growth perspectives. These findings may help us to understand that trinity between policies, institutions and technology is conditio sine qua non of economic growth.

The focus of this domain is on the European Neighbourhood Policy (ENP) countries in Eastern Europe, namely:

• Armenia (AM),
• Azerbaijan (AZ),
• Belarus (BY),
• Georgia (GE),
• Moldova (MD) and
• Ukraine (UA).

An extensive range of indicators is presented in this domain, including indicators from almost every theme covered by European statistics. Only annual data are published in this domain.

Data supplied by and under the responsibility of the national statistical authorities of each of the countries or territories.

Data on Ukraine for the years 2021 and 2022 are limited due to exemption under the martial law from mandatory data submission to the State Statistics Service of Ukraine, effective as of 3 March 2022.

Statistical cooperation with Belarus has been suspended as of March 2022. The data on Belarus was collected prior to the suspension and has not been updated since.

The focus of this domain is on the European Neighbourhood Policy (ENP) countries in Eastern Europe, namely:

• Armenia (AM),
• Azerbaijan (AZ),
• Belarus (BY),
• Georgia (GE),
• Moldova (MD) and
• Ukraine (UA).

An extensive range of indicators is presented in this domain, including indicators from almost every theme covered by European statistics. Only annual data are published in this domain.

Data supplied by and under the responsibility of the national statistical authorities of each of the countries or territories.

Data on Ukraine for the years 2021 and 2022 are limited due to exemption under the martial law from mandatory data submission to the State Statistics Service of Ukraine, effective as of 3 March 2022.

Statistical cooperation with Belarus has been suspended as of March 2022. The data on Belarus was collected prior to the suspension and has not been updated since.

The focus of this domain is on the European Neighbourhood Policy (ENP) countries in Eastern Europe, namely:

• Armenia (AM),
• Azerbaijan (AZ),
• Belarus (BY),
• Georgia (GE),
• Moldova (MD) and
• Ukraine (UA).

An extensive range of indicators is presented in this domain, including indicators from almost every theme covered by European statistics. Only annual data are published in this domain.

Data supplied by and under the responsibility of the national statistical authorities of each of the countries or territories.

Data on Ukraine for the years 2021 and 2022 are limited due to exemption under the martial law from mandatory data submission to the State Statistics Service of Ukraine, effective as of 3 March 2022.

Statistical cooperation with Belarus has been suspended as of March 2022. The data on Belarus was collected prior to the suspension and has not been updated since.

This line chart displays tax revenue (% of GDP) by date using the aggregation average, weighted by gdp in Eastern Europe. The data is about countries per year.

In the fourth quarter of 2024, Lithuania's and Poland's GDP growth stood at *** percent, demonstrating a robust performance among Central and Eastern European countries. This figure reflects an increase from the previous quarter's growth and remains significantly higher than the average GDP growth of the European Union, which was recorded at *** percent during the same period.

Source: UNECE Statistical Database, compiled from national and international (CIS, EUROSTAT, IMF, OECD, World Bank) official sources.General note: The UNECE secretariat presents time series ready for immediate analysis. When appropriate, source segments with methodological differences have been linked and rescaled to build long consistent time series.The national accounts estimates are compiled according to 2008 SNA (System of National Accounts 2008) or 1993 SNA (System of National Accounts 1993).Constant price estimates are based on data compiled by the National Statistical Offices (NSOs), which reflect various national practices (different base years, fixed base, chain, etc.). To facilitate international comparisons, the data reported by the NSOs have been scaled to the current price value of of the common reference year. The resulting chain constant price data are not additive.Common currency (US$) estimates are computed by the secretariat using purchasing power parities (PPPs), which are the rates of currency conversion that equalise the purchasing power of different currencies. PPPs, and not exchange rates, should be used in international comparisons of GDP and its components.Growth rates (per cent) are over the preceding period, unless otherwise specified.Contributions to per cent growth in GDP (in percentage points) are over the preceding period, unless otherwise specified.Regional aggregates are computed by the secretariat. For national accounts all current price aggregates are sums of national series converted into US$ at current PPPs of GDP; all constant price aggregates are calculated by summing up national series scaled to the price level of the common reference year and then converted into US$ using PPPs of GDP of the common reference year. Due to conversion and rounding the resulting aggregates and components could be non-additive.Aggregates are computed for the following regions:UNECE-52:Albania; Armenia; Austria; Azerbaijan; Belarus; Belgium; Bosnia and Herzegovina; Bulgaria; Canada; Croatia; Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Georgia; Germany; Greece; Hungary; Iceland; Ireland; Israel; Italy; Kazakhstan; Kyrgyzstan; Latvia; Lithuania; Luxembourg; Malta; Montenegro; Netherlands; North Macedonia; Norway; Poland; Portugal; Republic of Moldova; Romania; Russian Federation; Serbia; Slovakia; Slovenia; Spain; Sweden; Switzerland; Tajikistan; Turkey; Turkmenistan; Ukraine; United Kingdom; United States; Uzbekistan.North America-2:Canada; United States.European Union-27 (31/12/2020):Austria; Belgium; Bulgaria; Cyprus; Croatia; Czech Republic; Denmark; Estonia; Finland; France; Germany; Greece; Hungary; Ireland; Italy; Latvia; Lithuania; Luxembourg; Malta; Netherlands; Poland; Portugal; Romania; Slovakia; Slovenia; Spain; Sweden.Euro area-20:Austria; Belgium; Croatia; Cyprus; Estonia; Finland; France; Germany; Greece; Ireland; Italy; Latvia; Lithuania; Luxembourg; Malta; Netherlands; Portugal; Slovakia; Slovenia; Spain.Eastern Europe, Caucasus and Central Asia (EECCA):Armenia; Azerbaijan; Belarus; Georgia; Kazakhstan; Kyrgyzstan; Republic of Moldova; Russian Federation; Tajikistan; Turkmenistan; Ukraine; Uzbekistan.CIS-11:Armenia; Azerbaijan; Belarus; Kazakhstan; Kyrgyzstan; Republic of Moldova; Russian Federation; Tajikistan; Turkmenistan; Ukraine; Uzbekistan.Western Balkans-6:Albania; Bosnia and Herzegovina; Croatia; Montenegro; North Macedonia; Serbia... - data not availableThe Coronavirus (COVID-19) pandemic impacts the production of statistics and may limit available resources and data sources. This may impact the quality of statistics for 2020, and could lead to later revisions.

This horizontal bar chart displays expense (% of GDP) by date using the aggregation average, weighted by gdp in Eastern Europe. The data is filtered where the date is 2021. The data is about countries per year.

These are research indicators of comparative empirical investigation of Central and Eastern European Countries (CEECs) and the BRICS that were compiled from the criteria and factors of the World Bank. This dataset consists of data for CEECs and the BRICS for the period of 2000 to 2016. The World Bank Research Indicators consist of (1) GNI, Atlas Method (Current US$); (2) GNI per capita, Atlas; (3) GNI PPP (Current International $); (4) GNI per capita, PPP (Current International $); (5) Energy Use (kg of Oil Equivalent per capita); (6) Electric Power Consumption (kWh per capita); (7) GDP (Current US$); (8) GDP Growth (Annual %); (9) Inflation, GDP Deflator (Annual %); (10) Agriculture, Value Added (% of GDP); (11) Industry, Value Added (% of GDP); (12) Service, etc., Value Added (% of GDP); (13) Exports of Goods and Services (% of GDP); (14) Imports of Goods and Services (% of GDP); (15) Gross Capital Formation (% of GDP); (16) Revenue, excluding Grants (% of GDP); (17) Time Required to Start a Business (Days); (18) Domestic Credit Provided by Financial Sector (% of GDP); (19) Tax Revenue (% of GDP); (20) High-Technology Exports (% of Manufactured Exports); (21) Merchandise Trade (% of GDP); (22) Net Barter Terms of Trade Index (2000 = 100); (23) External Debt Stock, Total (DOD, Current US$); (24) Total Debt Service (% of Exports of Goods, Services and Primary Income); (25) Personal Remittances, Received (Current US$); (26) Foreign Direct Investment, Net Flows (BoP, Current US$); and (27) Net Official Development Assistance and Official Aid Received (Current US$). Furthermore, statistical data of CEECs and the BRICS were retrieved from Atlas 2.1 – Growth Lab at the Center for International Development at Harvard University; UN Comtrade Maps; WITS – UNSD Comtrade and ITC.

The fastest growing economy in Europe in 2024 was Malta. The small Mediterranean country's gross domestic product grew at five percent in 2024, beating out Montenegro which had a growth rate of almost four percent and the Russian Federation which had a rate of 3.6 percent in the same year. Estonia was the country with the largest negative growth in 2024, as the Baltic country's economy shrank by 0.88 percent compared with 2023, largely as a result of the country's exposure to the economic effects of Russia's invasion of Ukraine and the subsequent economic sanctions placed on Russia. Germany, Europe's largest economy, experience economic stagnation with a growth of 0.1 percent. Overall, the EU (which contains 27 European countries) registered a growth rate of one percent and the Eurozone (which contains 20) grew by 0.8 percent.

The Gross Domestic Product (GDP) of countries and regions from 1960 to 2020 provides a comprehensive view of economic development over six decades. GDP measures the total value of goods and services produced in a country or region over a specific period and is an important indicator of economic health and growth. Below is a summary of the GDP trends for major regions and selected countries:

Global Overview (1960-2020) 1- 1960s-1980s: During this period, many developed economies such as the United States, Japan, and Western European countries experienced robust economic growth. This was a time of post-World War II reconstruction, technological advancement, and increasing globalization.

2- 1990s-2000s: The fall of the Soviet Union in the early 1990s marked a shift in global economic dynamics. Many former Soviet states and Eastern European countries transitioned to market economies. Asia, particularly China and India, began to emerge as major economic players due to economic reforms and rapid industrialization.

3- 2010s-2020: The 2010s were marked by steady growth in advanced economies, while emerging markets such as China, India, Brazil, and others became significant contributors to global GDP. However, the COVID-19 pandemic in 2020 led to a severe global economic downturn.

This paper analyses the relationship between stock market capitalization and real GDP in ten Central and Eastern European countries (CEECs) that joined the European Union in 2004 and 2007, with the objective of determining if the financial markets have played a role as a driver of the economic development in these countries or vice versa. The methodology is based on the application of three different measures of causality between the relevant variables, in order to determine the existence and the direction of causality. Using a cointegrated Vector Autoregressive model (VAR), the authors study the relationship between the relevant variables through the following tests: Granger causality test, Toda-Yamamoto approach and Frequency Domain approach. The results obtained suggest evidence of the existence of this relationship, in both directions, in a significant number of this group of countries, and especially in those there is a long-term relationship.

This line chart displays military expenditure (% of GDP) by date using the aggregation average, weighted by gdp in Eastern Europe. The data is about countries per year.

Contains annual data on the main macroeconomic series (GDP, labour, capital, investment and etc) of socialist economies in central and eastern Europe – Czechoslovakia, Hungary, Poland and Yugoslavia – as well as the US. The monetary values are expressed in 1990 Int. GK$, and the output data of socialist economies is fully comparable to that of market-based economies that use the System of National Accounts.